What to expect from Blockchain during 2019?
Ten years after the original Satoshi’s Bitcoin whitepaper, the revolutionary technology has moved far away from its fundamental use as the technology that underpins Bitcoin and other cryptocurrencies. As this technology is being flowed with myriads of ongoing innovations, trends and use cases outside of the cryptocurrency space arise.
Within the crypto community, the rising of ICOs’ innovation was meant to be a revolution. However, ICOs’ dynamics seems to alter due to advents such as Security tokens (STOs) — tZERO Blockchain-powered platform is a pioneer in this field. The company is creating a two-sided network connecting issuers with investors in a superior solution for accessing capital and enabling secondary liquidity for traditionally illiquid investments. STOs combining the best features of the stock market and cryptocurrencies suggest a fully regulated alternative to ICOs.
In January 2019, crypto startups Zilliqa and MaiCoin partnered to create a centralized security token exchange in Singapore that would implement Blockchain technology to the trading of traditional asset classes. Additionally, the launch of the Estonia-based DEX, on where every transaction is generally written to the Blockchain, eliminating the need for a centralized exchange to act as a middleman. Moreover, the platform will allow non-US investors to engage in the US stock market without any limitation pertaining to their location or investment amount. Simply put, tokenization simplification seems to be able to liaise a growing number of investments while actively enhancing the implementation of decentralized technology.
With regions like Africa to continuing to have the largest populations of unbanked citizens, Blockchain technology can be largely used to increase economic inclusiveness. For instance, the Rohingya Project went even further restoring the identity of stateless Rohingyas and giving them access to banking services.
As far as Blockchain adoption is concerned, the disruptive technology simply is not alone in the space. Internet of Things, another technological breakthrough, seems to be perfectly backed by Blockchain technology regarding the securitization of the function of IoT-powered devices. Technology giants like IBM have already expressed their certainty regarding the success of this convergence.
Today, BAAS is one of the hottest topics with Amazon web services lately joined BAAS provides such as Microsoft, Oracle, HP, and IBM. Blockchain-as-a-services enables all organizations to test Blockchain with any risk of setting it up in-house plus the capital costs.
Continuing to write about the prospects of Blockchain adoption, but this time in a regional perspective, despite China’s government firm hand regulatory environment, other Asian countries seems to be adopting an open and innovative approach towards Blockchain. For example, Thailand has set out to become the leading regional Blockchain hub, welcoming Blockchain initiatives.
It has become clear that governmental support is crucial when it comes to the massively employing technological innovations. Switzerland, Thailand, and Canada acting as Blockchain hubs, have successfully deployed Blockchain to improvise processes. To name a few, Swiss National Postal Service and Telecom Leader are creating a Blockchain platform for their own Blockchain-based applications, Thailand revenue department are tracking VAT payments using Blockchain. Lastly, Dubai’s official government credit bureau announced that they are introducing digital payments to the public sector.
Scalability issues of Blockchain was since the beginning of the concept, a major issue. Innovations like sidechains or innovative platforms, are expected to become far more sophisticated during 2019.
Maybe, however, the implementation of a regulatory environment is estimated to keep on being the hot topic in 2019. We can expect to see the SEC in the U.S. carry on their hunt for ICOs disguised as security sales while developing a framework for crypto as an investment class. Furthermore, the competition about the more favorable countries’ regulations around Blockchain and crypto-ventures.
Lastly, Blockchain rebranding during 2019 will dispel the misconception regarding the connection between Blockchain and cryptocurrencies for the general public. In 2019 we could expect more holistic education from the industry, which will show ways for new Blockchain use cases beyond the financial market.
Blockchain trends inevitably do not stop here. Blockchain use-cases beyond fintech, Blockchain developers’ marketplace’s conditions and collaboration issues within the different networks could be characterized at least equally important. All above signal a definite upward trend of the industry in the near future, but most importantly a trend with a solid supporting basis.
A few words about Blockchain 2050
The need for encoded metadata that give information about provenance, production history, specifications, certifications, and licenses has been the driving force behind our solution, the Metablockchain, BC2050 Metachain, operates as a platform, whereevery tool and production operation that affects the attributes of materials, components and products, must also be able to securely change or add information to the metadata. From basic materials to completed products, this metadata showcases the order of the series of actions involved, as well as all the relevant legal and financial information. While BC2050 Metachain is not suitable for storing large datasets are improbable to be stored there, a Blockchain can help to discover and integrate those datasets and data analytics services.One of the most competitive advantages BC2050 Metachain offers to its users is the ability of searching and discovering assets using metadata faster than conventional database queries. Ultimately, BC2050 Metachain integrates customized algorithms, artificial intelligence and big data analytics.
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